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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

GBP/USD: "V-Bottom" led to the current upward correction

GBP/USD: "V-Bottom" led to the current upward correction

The price has found a support on the 89 Moving Average, which led to form a “V-Bottom”, so we’ve got a local upward correction. The market is likely going to reach a resistance at 1.4545 – 1 .4576 in the short term. However, if we see a pullback from this area, bears will probably try to return into the market.

GBP/USD: "V-Bottom" led to the current upward correction

The last decline was stopped near the upper side on the nearest support area at 1.4460. So, there’s a “V-Bottom” pattern, which brought the current upward correction. Therefore, the market is likely going to reach a resistance at 1.4529 – 1.4545. If a pullback from these levels happens, a downward movement becomes possible. 

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